|Vic De Zen - an Ontario billionaire with connections to the Isle of Man company|
called SKH Limited
In its internal marketing pitches, KPMG solicited Canadians with a "minimum" of $5 million to invest in an "Offshore Company Structure," charging clients $100,000 simply to start it up. KPMG also guaranteed confidentiality.
In its Isle of Man scheme developed in 1999, KPMG also promised "no tax" on offshore investments — a scheme the Canada Revenue Agency later described as a "sham" in court documents.
The Canada Revenue Agency eventually offered a secret amnesty to the accounting firm's clients who had been using the scheme.
But now, some of that secrecy has been exposed.
Using the Isle of Man's public corporate registry and a unique search method developed by journalists, the fifth estate and Enquête discovered the names of numerous shell companies connected to a KPMG tax avoidance scheme that the CRA had alleged "intended to deceive" the federal treasury. (more...)
|In its Isle of Man scheme developed in 1999, KPMG promised 'no tax' on offshore|
investments — something the Canada Revenue Agency later described as a 'sham'
in court documents